The Bank of Namibia (BoN) has issued a warning to the public, highlighting a concerning rise in fraudulent investment scam activities.

These scams have been targeting and leveraging references to the Namibian government, its various ministries, offices, and agencies.

Perpetrators of these fraudulent investment schemes have been particularly focused on offering unsolicited financial assistance to fund Namibia's developmental initiatives.

Namibia has 2,100 US$-millionaires, and its millionaire population is expected to grow by 60% or more over the next decade, up to 2032.

Rwanda, Zambia, Seychelles, the Democratic Republic of Congo, and Morocco are also expected to grow at the same rate as Namibia.

This is according to the just-published Africa Wealth Report 2023, which places South Africa as home to the majority of millionaires at 37,800 and five billionaires, followed by Egypt, Nigeria, Kenya, and Morocco.